Good news for Kenyans with jobs who have been paying into the Housing Levy! President William Ruto shared plans to help these contributors.
At the Madaraka Day celebration at Raila Odinga Stadium, President Ruto said that his government will propose a change in the law. This change will let people who have paid into the housing levy apply for home loans of up to KSh 5 million (Kenyan shillings) at lower interest rates.
“To show our appreciation for the hard work of Kenyans who contribute to the housing levy, I am happy to announce that we will suggest a new law. This law will allow contributors to access affordable home loans of up to KSh 5 million with low interest rates. This will help them buy homes in the market,” President Ruto said to a packed stadium of over 20,000 people.
The president explained that this new loan will help people who have been paying into the housing levy to pay off their existing home loans and make their housing situations easier.
“With this change, we hope that many Kenyans will find it easier to manage their home costs,” he added.
Just last week, President Ruto handed over keys to the first 180 social housing units in the New Mukuru Estate in Nairobi. He called this event one of the most important days in his political life.
“Many doubted that ordinary Kenyans could own homes through the rent-to-own method. Today, this method is becoming a reality. If you were not sure about our ‘bottom-up’ approach, now you can see it in action. What you thought was a dream is now happening,” he said.
A couple of days ago in Homa Bay County, President Ruto also gave keys to the first families moving into 110 affordable housing units at the Boma Yangu Housing Estate.
“Among the new homeowners are people like Kennedy Otieno Odede, a boda boda rider; Hellen Atieno Osala, a fish seller; Geoffrey Odhiambo Nyasuda, a metal worker; and Vincent Ochieng’ Onyango, a security guard.”
It is a sigh of relief for salaried Kenyans who have been contributing to the Housing Levy after President William Ruto announced plans to introduce a clause that will favour them.
Speaking during Madaraka Day celebrations at Raila Odinga Stadium on Saturday, President Ruto revealed that his government is planning to introduce an amendment to the law to enable housing levy contributors to access home loans of up to KSh 5 million at considerably low interest rates.
“In recognition and appreciation of the sacrifice made by patriotic Kenyans through their contributions to the housing levy, I am pleased to announce today that we shall be proposing to Parliament a reform to the law that will allow any contributor to access an affordable home loan of up to KSh 5 million at a single-digit interest rate applicable towards any housing unit in the market,” President Ruto announced to a fully packed 20,000-capacity stadium.
According to the first in command, the proposed loan facility will enable Kenyans who have been contributing to the housing levy to offset existing mortgages, in turn offering them greater flexibility in their housing journey.
With this law reform, President Ruto hopes that many Kenyans will significantly ease their home financing costs.
“These reforms will ensure that every shilling contributed to the housing levy works for the contributor, whether through access to affordable housing, home loans or mortgage reliefs.”
Last week, President Ruto handed over keys to the first 180 social housing units in the New Mukuru Estate in Nairobi, describing the exercise as one of the most profound and consequential days in his political career.
“Many people were sceptical that ordinary Kenyans could own homes through an own-to-rent method; today, that method is being fulfilled. Ladies and gentlemen, if you didn’t understand what we meant by ‘bottom-up’, now you do. If you didn’t believe, now you believe, and if you thought it was a fantasy, you are witnessing history that will be remembered for generations to come,” he said.
Two days ago in Homa Bay County, President Ruto also handed over keys to the first occupants of 110 affordable housing units at the Boma Yangu Housing Estate.
“Among the proud new homeowners, some of whom are with us today, were Kennedy Otieno Odede, a boda boda rider; Hellen Atieno Osala, a mama samaki at the New Modern Fish Market; Geoffrey Odhiambo Nyasuda, a jua kali fabricator; and Vincent Ochieng’ Onyango, a security guard.”
